Value Received
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
A phrase usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it. The expression value received, when put in a bill of exchange, will bear two interpretations,— the drawer of the bill may be presumed to acknowledge the fact that he has received value of the payee (3 Maule & S. 351), or when the bill has been made payable to the order of the drawer, it implies that value has been received by the acceptor (6 Maule & S. 65). In a promissory note, Uie expression imports value received from